Jim Rogers ‘rogered’ by Roubini

LONDON (Commodity Online): A gold forecast by global commodities guru Jim Rogers has turned controversial. Nouriel Roubini, the global economist who predicted the economic crisis, says the gold forecast by Jim Rogers that the yellow metal will double to $2,000 or more an ounce is “utter nonsense.”

“Maybe, gold will touch $1,100 or so but $1,500 or $2,000 as predicted by Jim Rogers is nonsense,” Roubini told investors at the Inside Commodities Conference in New York. Gold rose to a historic record $1,096.20 today on the New York Mercantile Exchange’s Comex division on speculation that central banks and investors will purchase the metal to hedge against a declining dollar, said a Bloomberg report.

But Rogers countered Roubini by saying that the latter does not about the way in which gold prices have been moving up historically. “I think gold is go over $2000 some time in the bull market, but depending on what happens in the world it could go much, much higher,” Rogers said. “The old high, back in 1980 adjusted for inflation, would be over $2000 now, just to get back to the old high. So we’ll certainly get there some time in the next decade.”

Rogers, chairman of Singapore-based Rogers Holdings, said in an interview on Bloomberg Television: “The price of gold will double to at least $2,000 an ounce in the next decade.”

Last month, Jim Rogers had said that commodities boom is not yet over and the bull market has several years to go. “No bullish view as fundamentals not supportive. But the precious metal will top $2000 in a decade.Gold will surpass its inflation-adjusted all-time high of more than $2,300 an ounce,” the legendary commodities investor said.

Rogers also said: “Crude oil could touch $150 to $200 as known reserves decline and crude oil will run out in 15-20 years, ” Unless something happens.”

In his New York speech, Roubini asserted that asset prices have risen “too much, too soon, too fast.” He’s a New York University professor and chairman of New York research and advisory firm Roubini Global Economics.